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A follower assumes an active role because the leader has credibility. According to Kouzes and Posner (2011) , which characteristics make leaders have credibility?
Corporate Bureaucracy
The administrative system governing any large institution or organization, characterized by a hierarchy of authority, rigid division of labor, and strict regulations and procedures.
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced, showing the cost of each product unit excluding variable costs.
Average Variable Cost
The cost a company incurs for each unit of output, which changes with the level of production, excluding fixed costs.
ATC
Abbreviation for “Average Total Cost,” reflecting the total cost of production divided by the number of goods produced, in economic terms.
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